Access to Growth Capital Expands for Small Businesses in Western New York
Rochester, New York – July 12, 2018 – Lendio, the nation’s leading marketplace for small business loans, today announced an expansion of the Lendio franchise in Rochester, New York. Lendio Rochester will provide financing solutions to businesses from Syracuse to Buffalo and Niagara Falls to the Canadian border. Lendio franchise owner RJ Muto hopes to ease the financial hurdles for local business owners by helping them apply for loans, review their options and secure funding through Lendio’s network of over 75 lenders.
An online service that helps business owners find the working capital they need to grow their businesses, Lendio’s funding options include SBA loans, startup loans, equipment loans, commercial real estate loans and more. Through franchisees that understand the needs of local business owners, the Lendio franchise program reduces the legwork of looking for a small business loan while bridging the gap between online lenders and the small business community.
Since 2008, accessing financial capital has been difficult for small business owners in upstate New York. In addition to feeling the burden of high taxes in the state, business owners view themselves as outvoted and misrepresented in state government by the massive population of New York City, according to Muto. While residents migrated away from Rochester and Buffalo in record numbers as jobs became scarce, the area is mounting a steady comeback, says Muto, and he hopes to play a role in its rebirth.
“We take a consultant approach to each business we fund,” said Muto. “The goal is to figure out how we can help the business owner thrive and grow. We’ve seen a fantastic response in Rochester. There is a lot of opportunity for small business in this area, and I’m excited to be a part of it.”
“RJ and Lendio did a great job for me and my business. He assessed our needs and found several good matches for us—having multiple options speaks volumes,” said Eric Schladebeck, owner of Spencerport Family Apothecary in Spencerport, New York. “We had our funds in such an expedited time frame that I felt as though I was his top priority.”
Between 2015 and 2017, online lenders, including Lendio, funded over $758 million to 11,490 small businesses in the state of New York. These online loans directly generated $1.8 billion in sales for small businesses in New York State and created 20,154 jobs and $795 million in wages. Nearly one-third of these loans went to small businesses in lower-income communities (those below the national median income).
For more information on how to join the Lendio franchise program, visit: https://www.lendio.com/franchise.
Lendio is a free online service that helps business owners find the right small business loans within minutes. With a network of over 75 lenders offering multiple loan products, Lendio’s marketplace is the center of small business lending. Bringing all options together in one place, from short-term specialty financing to long-term, low-interest traditional loans, our technology makes small business lending simple and decreases the amount of time and effort it takes to secure funding. For every loan facilitated on Lendio’s marketplace platform, Lendio Gives, an employee contribution and employer matching program, donates a percentage of funds to low-income entrepreneurs around the world through Kiva.org. More information about Lendio is available at www.lendio.com. Information about Lendio franchising opportunities can be found at www.lendiofranchise.com.
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